New Treasury analysis shows that within fifteen years of leaving the Single Market, Britain would suffer from at least £200 billion less trade every year in today’s terms, and would miss out on at least £200 billion of overseas investment. This double hit to the economy would feed through to British households in the form of fewer jobs, lower incomes and higher prices.
Speaking at Ryanair’s new European Training Centre, the Chancellor George Osborne pointed to the economic evidence that has been published in recent weeks which, in his opinion, makes a clear case for Britain remaining a member of a reformed EU.
Chancellor George Osborne said: “…a vote to Leave the EU would be a one-way ticket to make Britain poorer and hurt working people…The economic argument is beyond doubt - it’s not a conspiracy; it’s called a consensus. Our message is clear: Britain will be stronger, safer and better off in a reformed EU.”
The Treasury will shortly publish further analysis on the short-term implications for Britain’s economy of leaving the EU.